PSE Index Up On Bargain Hunting

The Philippine Stock Exchange (PSE) index today closed a bit higher, finishing at 6,593.74 points, up by 39.66 points or 0.61 percent, but not after flirting with a higher milestone level if not for investors cashing in their gains.

Photo Insert: The Philippine Stock Exchange (PSE) Index, September 8, 2022

Value turnover remained below average at just P5.24 billion but the decline in the value of the peso rocked the market investors, some of whom are moving to companies with dollar revenues.

There were 88 gainers, 99 losers, and 48 shares unchanged as investors perked up the stocks that were sold down before then cashed in their gains later. There were three sub-indices that gained and the other half posted losses.

Financials went up by 0.36 percent, industrials by one percent, and holding firms by 0.45 percent while the mining and oil index lost 0.52 percent, property slumped by 1.04 percent and services declined by 0.35 percent.

Market bellwether SM Investments lost just a peso to P840 while top-traded Ayala Land went down by 75 centavos to P27.80 on trades of P491 million as investors cashed in their gains leading to a loss of 2.63 percent.

SM Prime, however, gained by P1.25 to P37.40, up by 3.46 percent. Foreign investors were unloading their shares in blue chips with the big loss in the peso's value compared to the US dollar. The market is seen to be unnerved anew should the peso-dollar rate hit another low within the week.

San Miguel regained its loss with a P1.70 rise to P98.70 with trades of P305 million as some investors are cashing in their chips for other blue chip stocks. This is the third time that the diversified conglomerate was in the Top 20 traded stocks.

Universal Robina was the second biggest traded stock at P473 million with its stock going up by P3.30 or 2.46 percent to P128.40.

The other gainers were BDO Unibank, up by 80 centavos to P125.80, ICTSI up 50 centavos to P182.10, Emperador up 50 centavos to P20.85, Abacore Holdings, up by 7 centavos to 22 centavos to P16.12, Bank of PI up by 5 centavos to P95.05, Security Bank up by 50 centavos to P88.80 and Ayala Corp up by P19 to P724.

PLDT went down by P43 to P1,654, Globe lost P22 to P2,124, and Converge down by10 centavos to P17.20.

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